Dubai Land Department (DLD) has revealed the total amount of real estate transactions recorded in the Emirate for the first six months of 2014 exceeded AED113bn ($30.7bn).
A financial report issued by the Real Estate Research and Studies Department revealed that sales accounted for 54% of the total transactions over this period, numbering 22,096 deals worth AED61.5bn ($16.7bn) .
Mortgages comprised 42% of DLD ‘s dealings over the same timeframe, with a total of 6,922 mortgage transactions worth AED 47.3 billion being conducted. The number of other property transactions was recorded at 1,389 with a total value of more than AED4.6bn ($1.2bn).
The report found that the combined number of all transactions for Q1 and Q2 was 30,380.
“The Dubai Real Estate market has become the focus of attention for an increasing number of investors from around the world. This interest can be attributed to several reasons, most importantly the renewed confidence in the Dubai market after the city’s winning bid to host World Expo 2020,” said HH Sultan Butti Bin Merjen, director general, DLD .
“Added to this optimism is the strengthening solvency of many major companies in the market. The overall result is that the real estate market in Dubai is able to regenerate and offer a variety of products to attract investors. We believe that Dubai can sustain this level of attraction and build on the momentum that is developing from the increased demand,” he added.
Sales relating to land transactions accounted for the lion’s share of real estate transactions for the first half of 2014, with the AED35bn ($9.5bn) figure representing 5,516 deals. Sales relating to units totalled AED24.7bn ($6.7bn) for 15,997 transactions. Buildings transactions held the third place sales position with a figure of AED1.8bn ($490mn), with the combined total for all three categories being AED61.5bn ($16.7bn).
“The growth in the volume of property investments is down to the wise economic policy pursued by the Government of Dubai over the past months and years. This policy has included the launch of mega projects such as the recently announced World Mall, which have been designed to keep Dubai’s real estate market ahead of the global competition. These projects have been launched alongside initiatives that encourage investment and new laws and legislation that ensure a healthy pace of market growth,” added Bin Mejren.
“All indications confirm that the market is being buoyed by momentum that is sustaining demand. In this picture, the city will maintain its leadership and visibility in both the regional and global markets, particularly as it provides higher returns on investments,” concluded Bin Mejren.
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